Melco Resorts and Entertainment has announced that they will be joining the Non-Mandatory Central Provident Fund System, effective July 1. This would allow the Macau employees at the company to enroll in a pension scheme and provide and thus enjoy better social and financial security after their retirement.
Melco’s decision comes after Wynn Resorts Macau announced to join the govt’s pension program earlier this month.
The company has said in its statement that “Macau residents joining the Company from July 1, 2019 onwards will be provided the option to enroll in the Non-Mandatory Central Provident Fund System, while the Company’s Macau resident colleagues enrolled in one of the Company’s Pension Fund Plans before July 1, 2019 will be provided with the option to transfer to the Non-Mandatory Central Provident Fund System or remain in their current Pension Fund Plan, which will continue to be in effect in parallel for such colleagues.”
The Non-Mandatory Central Provident Fund aims to enhance social protection for Macau residents in their old age and is designed to complement the existing social security system.
Melco will facilitate communication sessions to introduce the Non-Mandatory Central Provident Fund System to our colleagues so that they can make an informed choice.
Lawrence Ho, chairman of Melco Resorts and Entertainment and Entertainment, said: “Our colleagues are integral to the Company’s achievements, and we are pleased to support the Macau SAR Government’s Non-Mandatory Central Provident Fund for our Macau resident employees.”